Ethereum-based cryptocurrency wallet MetaMask is expanding its fiat off-ramp services to support 10 additional blockchain networks. This move, in partnership with payments provider Transak, aims to simplify the process of converting digital assets into traditional currency.
Expansion of Blockchain Support
Previously, MetaMask users were forced to swap assets into Ether (ETH) tokens before converting them into fiat money, adding extra steps and transaction fees. As part of the ongoing partnership with Transak, the wallet will add support for a total of 10 new networks: the Arbitrum mainnet, Avalanche C-Chain mainnet, Base, BNB Chain, Celo, Fantom, Moonbeam, Moonriver, Optimism, and Polygon. The first batch of tokens to receive immediate off-ramping support includes ETH on Ethereum, ETH on Optimism, BNB, and the Polygon token.
Purpose and Significance of the Update
According to Lorenzo Santos, senior product manager at Consensys, by expanding off-ramping capabilities with Transak, MetaMask is removing barriers between crypto and traditional currency, allowing users to convert a broader range of tokens directly to cash. This may also encourage more crypto beginners to invest in cryptocurrency, as the complex onboarding process has often intimidated mainstream users.
Challenges in Crypto Adoption
According to Chintan Turakhia, senior director of engineering at Coinbase, the current user onboarding process is complicated and riddled with friction points, which is the main issue hindering mass crypto adoption. He noted that to bring in the next billion users — and starting with 100 million — all those friction points need to be removed, including setting up a wallet with a complicated seed phrase, paying transaction fees, and buying blockchain-native tokens to transact on a network.
MetaMask’s partnership with Transak is part of a broader effort to improve the accessibility of cryptocurrency transactions. Simplifying the off-ramping process may contribute to wider adoption of digital assets.
